Retail Payment Switch Achieves Significant Milestone with Record Transactions and Growth

Since its implementation in December 2021, the Retail Payment Switch (RPS) as part of the National Payment Switch (NPS) has seen significant growth.

By mid-July 2024 (Asar 2081), RPS transactions had surpassed NRs 673 billion, marking a 38% year-on-year increase in transaction value and a 49% rise in transaction volume. This growth has been consistent for four consecutive months, with transaction values exceeding NRs 500 billion each month.

For the fiscal year 2080/81 (2023/24), the total transaction value reached NRs 5,697 billion. The RPS has outpaced other retail payment systems, such as electronic cheque clearing and mobile banking, indicating a major shift towards cashless and digital transactions.

Initially launched as connectors in 2017, the RPS was integrated into the NPS to enable real-time, non-card-based transactions and improve interoperability across various payment systems in Nepal.